Business
Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
ATHENS, Greece, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income and net income attributable to common stockholders of $0.4 million for the third quarter of 2020, compared to a net loss and net loss attributable to common stockholders of $18.1 million for the same period in 2019. Earnings per common share, basic and diluted, for the third quarter of 2020 were $0.08, while loss per share for the third quarter of 2019 was $5.58.\n Voyage and time charter revenues were $9.5 million ($6.7 million net of voyage expenses) for the third quarter of 2020, compared to $6.3 million ($5.5 million net of voyage expenses) for the same period in 2019. This increase was mainly attributable to the increased time-charter equivalent rates (TCE rates) contributed by the Company’s Aframax tankers. Fleetwide, the average time charter equivalent rate for the third quarter of 2020 was $15,990, compared with an average rate of $12,915 for the same period of 2019. As a result, during the third quarter of 2020, net cash provided by operating activities was $2.3 million, compared with net cash used in operating activities of $3.2 million for the third quarter of 2019. Net income for the nine months ended September 30, 2020, amounted to $6.3 million, compared to a net loss of $19.8 million for the nine months ended September 30, 2019. Net income attributable to common stockholders for the nine months ended September 30, 2020, amounted to $7.8 million, due to a one-time gain of $1.5 million derived from the repurchase of the Series C preferred shares, and resulted in earnings per common share, basic and diluted, of $1.62 and $1.59, respectively. Net loss attributable to common stockholders for the nine months ended September 30, 2019, was $19.8 million, resulting in a loss per share, basic and diluted, of $7.83. Third Quarter 2020 and Subsequent Developments: Delivery of the last containership M/V Domingo to her new owners in August 2020;Appointment of Andreas Michalopoulos as Chief Executive Officer and Anthony Argyropoulos as Chief Financial Officer in October 2020;Initiation of new variable quarterly dividend policy and declaration of $0.01 dividend per share to all shareholders in October 2020;Introduction of new...